Digital banking provider Bankjoy — which recently signed up its millionth member — on Wednesday (Dec. 1) launched a digital business banking platform that gives its small business clients tools to attract customers and keep them loyal.
The launch comes as a recent survey shows about 60% of small businesses are struggling to pay their business-related expenses, and about one-fourth need help paying down loans or debt (26%), bills (25%), rent (25%) and employee wages (24%).
“Our partners have been asking for improved digital experiences for their local small business members,” said Mike Brown, VP of product for Bankjoy, in the company announcement. “In response, we created Bankjoy Business Banking, a seamless expansion of our existing solutions, creating an expanded banking experience for businesses with more complex financial needs.”
Bankjoy’s latest business banking platform gives financial institutions a modern platform engineered by credit union executives and built for community financial institutions. Its invoicing, payroll, company formation, wire transfers and entitlements features help businesses manage their finances better.
“Small businesses have been demanding better digital banking capabilities for the better part of the last decade,” said Bankjoy CEO Michael Duncan in the company announcement. “In fact, 60% of business owners said they would switch financial institutions if they found one with superior offerings. But SMBs are not a monolith. Their needs vary, from payment processing to invoicing and so on.
“Financial institutions must be able to offer more than a generic platform with limited functionality while also ensuring an outstanding user experience. Our latest business banking offering achieves this, helping more banks and credit unions support small business owners within their communities and drive growth for local economies,” he said.
Algorand’s director of business solutions Giuliana Berchicci and Bnext CEO and co-founder Guillermo Vicandi recently told PYMNTS that banks can learn a lot from the triple-digit growth of decentralized finance (DeFi) and innovate as they respond to competitive pressures.
Banks are keenly aware of the need to fully embrace the digital transformation and FinTechs have been developing banking alternatives, which gives customers new ways to pay and manage their money.